BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Economic integration, or regional integration, is an agreement among nations to reduce or eliminate trade barriers and agree on fiscal policies. The European Union, for example, represents a complete economic integration.

Detailed explanation-2: -Economic integration involves agreements between countries that usually include the elimination of trade barriers and aligning monetary and fiscal policies, leading to a more inter-connected global economy.

Detailed explanation-3: -Process of integrating domestic economy with world economy is called globalisation. Globalisation enables exchange of social, cultural, technological ideas across the borders. Its effects include access to technology, growth of international trade, increased employment opportunities, free flow of foreign capital etc.

Detailed explanation-4: -While this interconnectedness across countries has many dimensions-cultural, political, social and economic, it defines globalisation as the integration between countries through foreign trade and foreign investments by multinational corporations (MNCs).

Detailed explanation-5: -But in terms of trade-led growth and the potential for greater regional economic integration, four challenges appear most pressing. These are (a) port and customs quality, (b) barriers to trade and investment, (c) development gaps, and (d) nascent regional economic governance.